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Former Goldman Sachs chief executive Lloyd Blankfein is pushing back on the idea that workers need an impressive IQ to make it. He says that his own rise from the trading floor to the top of one of the world\u2019s most powerful banks proves that success depends far more on hard work than on raw genius.\u00a0<\/p>\n
\u201cI\u2019ve met people who\u2019ve worked hard, who\u2019ve done well, who had lucky opportunities, and \u2014 give them credit \u2014 they took advantage of those opportunities, but they weren\u2019t geniuses,\u201d Blankfein recently told<\/a> CNBC International. \u201cThey just applied themselves, they had their ears open, they had curiosity about the environment around them, and they saw things, and they went through little doors that other people wouldn\u2019t have seen.\u201d<\/p>\n Reflecting on his early years in finance, Blankfein shared a story that drove this point home. He spent years at J. Aron, a small commodities trading shop inside Goldman Sachs, trying to prove the business could be much bigger. He noticed a sharp culture gap: Many J. Aron employees were scrappy and didn\u2019t have college degrees, while Goldman was packed with Ivy League grads.\u00a0<\/p>\n That contrast gave him \u201ca chip on his shoulder\u201d about J. Aron employees. They \u201cworked harder, took a little less for granted and were much more curious about learning,\u201d Blankfein said.\u00a0<\/p>\n Hard work can matter more than an impressive diploma or background. Blankfein said that standout careers are there for the taking if people step up, spot openings and put in the effort.\u00a0<\/p>\n \u201cA lot of these opportunities are more accessible than you think,\u201d Blankfein said. \u201cIf you think that someone can only get to this spot because he\u2019s brilliant and genius and had this charmed life at every stage, you kind of give up.\u201d<\/p>\n Blankfein has lived this idea himself. He grew up in public housing in Brooklyn, sharing a bedroom with his grandmother or sister in a tiny New York apartment, and managed to become valedictorian of his high school class. He enrolled at Harvard University at age 16 to study history, then went on to Harvard Law School.\u00a0<\/p>\n After a short stint in private law, he joined the trading firm J. Aron, which Goldman acquired<\/a> in 1981, and spent the next few decades climbing the ladder. Blankfein became CEO of Goldman Sachs in 2006<\/a> and served in this role for 12 years until his retirement in 2018.\u00a0<\/p>\n Reflecting on his career, Blankfein called it \u201cnot only relatable, but accessible.\u201d<\/p>\n \u201cStatistically, not a lot of people are going to get those same kinds of breaks, but you can go pretty far in this world taking advantage of opportunities and working hard,\u201d he said.\u00a0<\/p>\n Blankfein isn\u2019t alone in thinking that effort matters more than raw intelligence. Goldman Sachs\u2019 current CEO, David Solomon, told Sequoia Capital\u2019s Long Strange Trip<\/a> podcast last year that the best job candidates can connect with others, be resilient and be determined. They also have experience working with people.\u00a0<\/p>\n \u201cYou can\u2019t teach experience,\u201d Solomon told the podcast. \u201cExperience matters in these big organizations and when it matters it doesn\u2019t matter when things are going well. It matters when the bumps come. You\u2019ve got to make difficult judgments.\u201d<\/p>\n<\/p><\/div>\n Former Goldman Sachs chief executive Lloyd Blankfein is pushing back on the idea that workers need an impressive IQ to make it. He says that his own rise from the trading floor to the top of one of the world\u2019s most powerful banks proves that success depends far more on hard work than on raw genius.\u00a0<\/p>\n \u201cI\u2019ve met people who\u2019ve worked hard, who\u2019ve done well, who had lucky opportunities, and \u2014 give them credit \u2014 they took advantage of those opportunities, but they weren\u2019t geniuses,\u201d Blankfein recently told<\/a> CNBC International. \u201cThey just applied themselves, they had their ears open, they had curiosity about the environment around them, and they saw things, and they went through little doors that other people wouldn\u2019t have seen.\u201d<\/p>\n Reflecting on his early years in finance, Blankfein shared a story that drove this point home. He spent years at J. Aron, a small commodities trading shop inside Goldman Sachs, trying to prove the business could be much bigger. He noticed a sharp culture gap: Many J. Aron employees were scrappy and didn\u2019t have college degrees, while Goldman was packed with Ivy League grads.\u00a0<\/p>\n<\/p><\/div>\nThe importance of hard work<\/h2>\n
Another CEO agrees<\/h2>\n
Key Takeaways<\/h2>\n
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